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A member of the US’s Federal Communications Commission has called for an inquiry into the impact of PE firms and hedge funds on the FCC’s ability to oversee public broadcasting, reports chicagotribune.com. Unlike publicly traded companies, few private-equity firms or hedge funds file detailed financial and ownership information with the Securities and Exchange Commission, says Michael Copps, one of two Democrats on the five-member FCC. Observing that broadcasters are not “in the business of selling widgets” but provide a vital public service, he asks: "If some big private-equity firm buys something, and one of its licensees does something deemed to be against the public interest, who's responsible?" Besides accountability problems, Mr Copps is also worried about the relative lack of transparency of buyout firms and the debt they assume in order to complete deals. Meanwhile, the US House of Representatives is conducting a hearing into the role played by private equity in media consolidation.